Difficult economic conditions are affecting businesses of all sizes, leading to job cuts. His storytelling platform Wattpad announced Tuesday that it has laid off 42 of his 267 employees. This corresponds to almost 15% of our staff. The departing employee will be provided with at least 12 weeks of severance pay and he will be provided with continued benefits for 6 months. In addition, you are permitted to keep office-assigned devices such as laptops.
In a blog post, the company blamed the economic environment for its cost-cutting measures and said the layoffs would affect all divisions.
“As you know, the reality of the global economy over the past year has fundamentally changed, and like any business, we are not invulnerable. After months of doing our best, today we made the difficult but necessary decision to reduce our workforce,” said KB Nam, interim president of the company.
“This does not mean that these team members are not an important part of our work. These decisions are responsive to changing business realities and needs and reflect individual contributions.” It’s important to note that everyone at Wattpad has done a great job and made a positive impact on our company.”
Last year, the company appointed Naver Webtoon’s Nam as interim president after Jeanne Lam decided to leave the company. In 2021, Wattpad became part of South Korean company Naver after being acquired by her for $600 million.
Last June, the company introduced a new creator program that allows writers to pay up to $25,000. We also launched a new metric for writers called “Engaged Readers.”
